By Enyichukwu Enemanna
Swiss cement and building materials manufacturers has announced its exit from Nigeria, saying it will streamline operations and focus on high-growth regions and sustainability.
Holcim plans to sell its 83.8 per cent stake in Lafarge Africa Plc to China’s Huaxin Cement for $1billion.
According to Reuters, the deal marks the latest in a series of African acquisitions by Huaxin Cement.
“Holcim has signed an agreement with Huaxin Cement Ltd to sell its entire 83.81 per cent shareholding in Lafarge Africa PLC, at an equity value of $1billion on a 100 per cent basis.
“The transaction is expected to close in 2025, subject to customary and regulatory approvals,” Holcim said in a statement.
According to the statement, the decision aligns with Holcim’s aim to prioritise higher-margin products, strategic infrastructure investments, and green technologies.
This includes its recent investment in low-carbon cement through a partnership with US-based Sublime Systems.
Holcim’s exit from Nigeria follows its 2021 disposal of its majority stake in Zambian operations, also to Huaxin Cement.
Holcim, a global leader in building solutions, reported CHF 27 billion in sales in 2023 and employs over 63,000 staff worldwide.
Last year, it also announced the purchase of South Africa’s Natal Portland Cement Company.
Holcim had been focusing on sustainable growth in its core markets, higher-margin products, and strategic infrastructure investments.
The company is also working to enhance its environmental credentials, having taken a stake in Sublime Systems, a US tech start-up focused on low-carbon cement.
